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Pensions at a Glance

Latin America and the Caribbean

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This comprehensive examination of pension systems in Latin America and the Caribbean looks at recent trends in retirement and working at older ages, evolving life expectancy, design of pension systems, and pension entitlements before providing a series of country profiles. The special chapter analyses the coverage and adequacy of Latin American pension systems.

 

 

English Spanish, Portuguese

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Uruguay

The insurance system is based on a mixed scheme that receives contributions and grants benefits in combined form, according to earnings brackets. One part is an inter-generational solidarity retirement (defined-benefit) scheme, and the other is a mandatory individual retirement savings (defined-contribution) scheme. Low-income workers can opt to divide their contributions equally between the two components of the scheme. There is a non-contributory scheme for people who earn less than the minimum wage and who are elderly.

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